Bitcoin Price Crashes Under $90K, Triggering Fresh Fears of Deeper Weakness
Overview
Bitcoin has experienced a significant decline, dropping below the $90,000 mark. This downturn has raised concerns about potential further weakness in the cryptocurrency’s price movement.
Recent Price Movements
Bitcoin’s price has recently fallen below critical levels of $92,000 and $90,000. Currently, it is trading under $90,000 and the 100 hourly Simple Moving Average, indicating bearish momentum. A bearish trend line has formed, with resistance identified at $91,000 on the hourly chart of the BTC/USD pair.
The decline began as Bitcoin struggled to maintain a positive position above $90,000. The selling pressure from bears has intensified, driving the price down past the $88,800 level and further below $87,500. A notable low was established at $85,276, with Bitcoin now consolidating losses below the 23.6% Fibonacci retracement level from the recent high of $92,872 to the low of $85,276.
If the price attempts recovery, resistance levels are expected around $87,000, $89,000, and $91,000. A close above $91,000 could potentially lead to higher prices, with possible testing of the $92,500 resistance level.
Potential for Further Declines
Should Bitcoin fail to breach the $90,000 resistance zone, it risks initiating another decline. Immediate support is positioned near $85,500, with major support levels at $85,000 and $83,200. If losses persist, the price may approach the $82,500 support level, with significant support lying at $80,000. Falling below this threshold could accelerate further declines.
Technical Indicators
- Hourly MACD: Currently gaining pace in the bearish zone.
- Hourly RSI (Relative Strength Index): Below the 50 level.
Impact on the Crypto Market
- Bitcoin’s decline below $90,000 raises concerns about bearish momentum in the market.
- The formation of a bearish trend line signifies potential resistance points that could hinder recovery.
- The presence of multiple support levels indicates areas to watch for potential price stabilization or further decline.
- Technical indicators suggest a prevailing bearish sentiment, which may influence trader behavior and market sentiment in the broader cryptocurrency landscape.
Updated: 11/21/2025, 4:27:58 AM
